Explain The 5 Marketing concepts

Firms and businesses, approach and conduct business in different ways in order to achieve their organizational goals. There are five competing concepts by which firms and business are guided in their marketing effort. The first three concepts production, product and selling, focus all on the product. The last two concepts marketing and societal marketing, focus on the customer. However, the commonality in all five philosophies is that they all have the same goal which is …

…problems. Firms adopting the societal marketing concept believe that consumers will respond more favourably to companies which are socially responsible and react unfavourably to companies which they feel are not socially responsible. This gives socially-responsible companies a competitive edge over their competitors. The disadvantages of the societal marketing concept are the same disadvantages of the marketing concept, with the exception that this concept involves more extra costs with regards to the well being of society.